Commercial Banking

From startups to legacy brands, you're making your mark. We're here to help.

  • Innovation Economy
    Fueling the success of early-stage startups, venture-backed and high-growth companies.
  • Midsize Businesses
    Keep your company growing with custom banking solutions for middle market businesses and specialized industries.
  • Large Corporations
    Innovative banking solutions tailored to corporations and specialized industries.
  • Commercial Real Estate
    Capitalize on opportunities and prepare for challenges throughout the real estate cycle.
  • Community Impact Banking
    When our communities succeed, we all succeed. Local businesses, organizations and community institutions need capital, expertise and connections to thrive.
  • International Banking
    Power your business' global growth and operations at every stage.

Key Links

Credit and Financing

Prepare for future growth with customized loan services, succession planning and capital for business equipment.

  • Asset Based Lending
    Enhance your liquidity and gain the flexibility to capitalize on growth opportunities.
  • Equipment Financing
    Maximize working capital with flexible equipment and technology financing.
  • Trade & Working Capital
    Experience our market-leading supply chain finance solutions that help buyers and suppliers meet their working capital, risk mitigation and cash flow objectives.
  • Syndicated Financing
    Leverage customized loan syndication services from a dedicated resource.
  • Commercial Real Estate
    Capitalize on opportunities and prepare for challenges throughout the real estate cycle.
  • Employee Stock Ownership Plans
    Plan for your business’s future—and your employees’ futures too—with objective advice and financing.

Key Links

Institutional Investing

Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.

  • Institutional Investors
    We put our long-tenured investment teams on the line to earn the trust of institutional investors.
  • Markets
    Direct access to market leading liquidity harnessed through world-class research, tools, data and analytics.
  • Prime Services
    Helping hedge funds, asset managers and institutional investors meet the demands of a rapidly evolving market.
  • Global Research
    Leveraging cutting-edge technology and innovative tools to bring clients industry-leading analysis and investment advice.
  • Securities Services
    Helping institutional investors, traditional and alternative asset and fund managers, broker dealers and equity issuers meet the demands of changing markets.

Key Links

Investment Banking

Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.

  • Center for Carbon Transition
    J.P. Morgan’s center of excellence that provides clients the data and firmwide expertise needed to navigate the challenges of transitioning to a low-carbon future.
  • Corporate Finance Advisory
    Corporate Finance Advisory (“CFA”) is a global, multi-disciplinary solutions team specializing in structured M&A and capital markets. Learn more.
  • Development Finance Institution
    Financing opportunities with anticipated development impact in emerging economies.
  • Sustainable Solutions
    Offering ESG-related advisory and coordinating the firm's EMEA coverage of clients in emerging green economy sectors.
  • Mergers and Acquisitions
    Bespoke M&A solutions on a global scale.
  • Capital Markets
    Holistic coverage across capital markets.

Key Links

Payments

Key Links

Private Bank

A uniquely elevated private banking experience shaped around you.

  • Banking
    We have extensive personal and business banking resources that are fine-tuned to your specific needs.
  • Investing
    We deliver tailored investing guidance and access to unique investment opportunities from world-class specialists.
  • Lending
    We take a strategic approach to lending, working with you to craft the fight financing solutions matched to your goals.
  • Planning
    No matter where you are in your life, or how complex your needs might be, we’re ready to provide a tailored approach to helping your reach your goals.

Wealth Management

Whether you want to invest on your own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.


  • Invest on your own
    Unlimited $0 commission-free online stock, ETF and options trades with access to powerful tools to research, trade and manage your investments.
  • Work with our advisors
    When you work with our advisors, you'll get a personalized financial strategy and investment portfolio built around your unique goals-backed by our industry-leading expertise.
  • Expertise for Substantial Wealth
    Our Wealth Advisors & Wealth Partners leverage their experience and robust firm resources to deliver highly-personalized, comprehensive solutions across Banking, Lending, Investing, and Wealth Planning.

Key Links

Who We Serve

Key Links

All Insights

Explore a variety of insights.

Key Links

Insights by Topic

Explore a variety of insights organized by different topics.

Key Links

Insights by Type

Explore a variety of insights organized by different types of content and media.  

Key Links

About Us

We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.

Key Links

Closeup of a black businesswoman typing on a laptop keyboard in an office alone

By Jacob Manoukian

U.S. Head of Investment Strategy

By Jacob Manoukian

It’s not always easy to discern a market mood, but the investor vibe plainly shifted over the summer of 2023. The recession obsession faded while prospects for a soft landing improved.

On balance we share that optimism. Inflation has fallen significantly. The labor market has cooled just enough to reduce wage pressure on companies while also tempting idle workers back to the office. Two economic game changers – artificial intelligence (AI) and industrial policy – are supporting investment and growth.

Here, we tell the current macroeconomic and market story in a series of charts, explaining why we believe now is a great time to be invested, for both the short term and the long term.

The macro backdrop: Resilient growth, fading inflation

Not too long ago, many prominent economists believed inflation could not fall without a material rise in unemployment. However, this seems to be exactly what is happening. Headline inflation has dropped to 3% on a year-over-year basis even as the U.S. economy has added an average of over 150,000 jobs a month over the past three months and the unemployment rate has hovered near a 70-year low.1

How is this possible?

First, we are finally starting to emerge into a post-pandemic normal for the economy. Supply chains have cleared, and consumer spending no longer reflects the impact of stimulus checks and public health policy. Perhaps most importantly, the supply of workers is on the rise. In fact, the employment-to-population ratio (for prime age workers ages 25-54) has finally recovered to where it was in the late 1990s and early 2000s.

Growth has been resilient as supply and demand have come into better balance. In fact, most estimates for third-quarter GDP are predicting an annual growth rate of 3%, higher than what most economists think is the trend growth rate of the economy.2

Inflation is falling while the labor market is solid and growth is strong

The chart on the left shows U.S. headline CPI and Core CPI together

The first chart shows U.S. headline CPI and Core CPI together, from January 2020 to July 2023.

 For headline CPI, the series starts at 2.5% in January 2020 and decreases to 0.1% in May 2020. it then increases to 1.4% in September 2020 and stays relatively flat until January 2021, at which time there is a sharp increase to 5.4% in June 2021. The series further increases to 9.1% in June 2022, before dropping significantly to 3.0% in June 2023. It then increases to 3.2% In July 2023 as the most recent point in the line. 

For core CPI, the series starts at 2.3% in January 2020 and decreases to 1.2% in June 2020. It stays flat at 1.3% in February 2021, then increases to 4.5% in June 2021. It then decreases to 4.0% in September 2021, and increases to 6.5% in March 2022. It falls shortly to 5.9% in July 2022 before rebounding higher at 6.6% in September 2022. It then decreases to 4.7% in July 2023.

 The second chart shows Initial claims for unemployment insurance, and continued claims for unemployment insurance from 2020 to 2023. 

The initial claims series starts at 213 in January 2020, and sharply peaks at 4190 in April 2020. It then falls drastically to 757 in November 2020, and slightly increases to 833 in January 2021. It then decreases to 217 in December 2021 and stays flat at 229 in July 2023. 

The continued claims series begins at 1859 in January 2020, and peaks at 20210 in May 2020. It then decreases significantly to 5932 in November 2020. It continues to decrease to 1407 in May 2022 and stays flat at 1701 in July 2023.

 The last chart shows the Atlanta FED's GDPNowcast, from 2019 to 2023. It highlights the most recent quarter projection of Q3 2023 at 5.6%, which is much higher than several previous quarters preceding it. The full data is as follows:

  • 09/30/2023: 5.6
  • 06/30/2023: 1.7
  • 03/31/2023: 0.7
  • 12/31/2022: 3.1
  • 09/30/2022: 2.1
  • 06/30/2022: 1.9
  • 03/31/2022: 0.1
  • 12/31/2021: 6.6
  • 09/30/2021: 6.1
  • 06/30/2021: 10.4
  • 03/31/2021: 5.2
  • 12/31/2020: 2.2
  • 09/30/2020: 11.9
  • 06/30/2020: -12.1
  • 03/31/2020: 2.7
  • 12/31/2019: 1.5
  • 09/30/2019: 2
  • 06/30/2019: 1.3
  • 03/31/2019: 0.3
The chart on the left shows U.S. headline CPI and Core CPI together

Source (left): Haver Analytics. Data as of July 31, 2023. Source (middle): Haver Analytics. Data as of July 1, 2023. Source (right): Federal Reserve Bank of Atlanta. Data as of August 31, 2023.

What’s more, the elements for sustainable growth look to be in place. We don’t see many signs of the imbalances that tend to exacerbate recessions. Inflation might have played that role, but the trajectory for consumer prices now looks much more benign. In addition, the Federal Reserve probably does not need to work as hard to ensure that inflation continues to decline. We think its rate hiking campaign, which presented a powerful headwind to markets, is likely over.

The investment landscape: The search for yield is over

Amid a global rise in interest rates, income-seeking investors don’t have to look very far: Across the fixed income landscape, we see increasing opportunities for 5%+ annual yields. This is important because one of the best indicators of future returns for fixed income is the starting yield.

Consider: The worst five-year forward return from this starting point in yields for one- to 17-year municipal bonds is 3.9% annualized. Higher starting yields also limit the downside. For one- to 17-year municipals, you still break even over one year if yields rise by 80 basis points (bps).3

Why not just stay in cash? (We hear this question a lot.) For one, those short-term yields won’t last forever. Yields will likely be lower one year from now when you need to reinvest. Also, the value of cash and short-term fixed income investments would likely not benefit if rates declined, while they could for longer-term fixed income.

Of course, everyone needs to hold cash, and it feels good to earn some income. But we think it makes sense to consider locking in today’s higher yields for a little bit longer by taking some steps out of cash.

Higher yields are currently offered across different types of fixed income investments

annualized yield across assets, %

This chart of various fixed income securities shows the 2021 annual yield (December 31, 2021), YTD high, and YTD return as of August 31, 2023. These securities are: 10Y UST, Euro IG, 3M US T-Bill, US IG, 6M CD, US Munis, Euro HY, US HY, US Preferreds, and Direct Lending. 

For the 10Y UST, the YTD annual yield is 4.1%, YTD high of 4.3%, and 2021 annual yield of 1.5% 

For Euro IG, the YTD annual yield is 4.3%, YTD high of 4.5%, and 2021 annual yield of 0.5% 

For the 3M US T-Bill, the YTD annual yield is 5.4%, YTD high of 5.4%, and 2021 annual yield of 0.0% 

For US IG, the YTD annual yield is 5.7%, YTD high of 5.9%, and 2021 annual yield of 2.8% 

For the 6M CD, the YTD annual yield is 6.0%, YTD high of 6.0%, and 2021 annual yield of 0.0% 

For US Munis (TEY), the YTD annual yield is 6.4%, YTD high of 6.4%, and 2021 annual yield of 1.9% 

For Euro HY, the YTD annual yield is 8.0%, YTD high of 8.3%, and 2021 annual yield of 3.4% 

For US HY, the YTD annual yield is 8.6%, YTD high of 9.3%, and 2021 annual yield of 4.7% 

For US Preferreds, the YTD annual yield is 8.7%, YTD high of 9.3%, and 2021 annual yield of 3.9% 

For Direct Lending, the YTD annual yield is 11.6%, YTD high of 11.6%, and 2021 annual yield of 8.5%

annualized yield across assets, %

Sources: Bloomberg Finance L.P., Cliffwater Direct Lending Index.
Data as of: 10Y UST, Euro IG, 3M US T-Bill, US IG, US Munis, Euro HY, US HY, US Preferreds, 6M CD as of August 31, 2023; Direct Lending as of June 31, 2023. Past performance is no guarantee of future returns.

Equities: On the way to new highs

Resilient growth and subsiding inflation powered the first leg of this year’s 15%+ global stock rally. From here, we expect earnings growth to drive equity markets to new highs over the next six to 12 months. An approximate 10% return in equities is almost double what you are getting from Treasury bills (with better tax treatment), and we see potential for even higher returns over the medium term.4

Two potent forces – the growing use of AI and deployment of industrial policy – could propel stock markets higher. As more and more businesses use AI to improve efficiencies, companies that produce the chips powering AI technology stand to gain. (Year-to-date, one of those companies, Nvidia, is the top performer in the S&P 500.)5 Similarly, industrial companies will likely benefit from fiscal policies that incentivize investment in new manufacturing systems, clean technology and a wide range of infrastructure projects. These trends will endure over many years, we believe, delivering critical support to equity markets.

Industrial policy is a game changer for US manufacturers

The chart on the left shows the number of mentions of the word "AI" in S&P 500 earnings calls

One chart shows the number of mentions of the word "AI" in S&P 500 earnings calls, alongside NVDA's 12-month forward PS estimates from Q1 2013 to Q2 2023. 

NVDA's EPS estimates follow this path: In January 2013, the EPS estimate was at 0.3. It increased to a relative peak in October 2018 at 2.1, then fell to 1.3 in February 2019.  It rose again to 6.0 in May 2022, before falling once again to 4.1 in September 2022. It finally rose sharply to 13.4 in August of 2023. 

The series on "AI" mentions follows a roughly similar path, with sharp increases in the last three quarters. The quarterly data is as follows:

  • Q2 2013: 2
  • Q3 2013: 4
  • Q4 2013: 5
  • Q1 2014: 3
  • Q2 2014: 3
  • Q3 2014: 3
  • Q4 2014: 2
  • Q1 2015: 5
  • Q2 2015: 3
  • Q3 2015: 4
  • Q4 2015: 6
  • Q1 2016: 8
  • Q2 2016: 14
  • Q3 2016: 16
  • Q4 2016: 19
  • Q1 2017: 25
  • Q2 2017: 40
  • Q3 2017: 36
  • Q4 2017: 35
  • Q1 2018: 53
  • Q2 2018: 52
  • Q3 2018: 45
  • Q4 2018: 40
  • Q1 2019: 59
  • Q2 2019: 50
  • Q3 2019: 57
  • Q4 2019: 64
  • Q1 2020: 43
  • Q2 2020: 52
  • Q3 2020: 52
  • Q4 2020: 58
  • Q1 2021: 70
  • Q2 2021: 59
  • Q3 2021: 67
  • Q4 2021: 68
  • Q1 2022: 61
  • Q2 2022: 57
  • Q3 2022: 53
  • Q4 2022: 78
  • Q1 2023: 115
  • Q2 2023: 179
     

Another chart shows Manufacturing Construction as a percentage of GDP, as well as Eaton's forward EPS estimates, from 2013 to 2023. 

For the Manufacturing series, it starts at 0.3% in 2013 and stays flat at 0.32% in July 2014. It then increases to 0.49% in June 2015, before falling to 0.35% in September 2017. From there it stays relatively flat at 0.34% in August 2021, and then increases sharply to 0.72% in April 2023. 

For the Eaton EPS series, it starts at 4.50 in 2013. It then increases to 5.08 in May 2014, before falling to 4.37 in December 2016. It then increases to 5.93 in October 2019, and falls to 4.09 in May 2020. Then, the series increases to 7.27 in September 2021, and continues to increase to 9.35 in August 2023. 

There is also a CHIPS Act data point on August 31, 2022 valued at 0.90%.

The chart on the left shows the number of mentions of the word "AI" in S&P 500 earnings calls

Sources (left): FactSet, Bloomberg Finance L.P. Data as of August 31, 2023. Sources (right): Haver Analytics, Bloomberg Finance L.P. Data as of July 30, 2023, August 31, 2023.

Multi-asset portfolios: The best of both worlds

We expect solid returns from both stocks and bonds over the next six to 12 months. Once again, a multi-asset investment portfolio can work in different economic scenarios. For example, if growth slows to recessionary levels, interest rates will likely fall and bond prices could rise. This would help to offset equity market declines that would occur because of the earnings slowdown.

On the other hand, if inflation remains tame and growth resilient, it could provide a “goldilocks” environment for both stocks and bonds. Falling interest rates would boost bond prices, while decent growth would help corporate earnings.

We don’t need to look too far back in history to see what a powerful combination that could be. In 2019, the Federal Reserve lowered interest rates by 75 bps. The S&P 500 returned about 30%, while the U.S. Aggregate Bond Index earned nearly 9%. It may not be the most likely outcome for the next 12 months, but it is certainly a reasonable bull case.6

In sum: Against a backdrop of resilient growth and fading inflation, we find reasons for continued optimism across a range of markets – and see no investor vibe shift on the horizon.

References

1.

Bloomberg Finance L.P., Haver Analytics. Data as of September 14, 2023.

2.

Bloomberg Finance L.P., Federal Reserve Bank of Atlanta. Data as of August 31, 2023.

 

3.

Past performance is not indicative of future results

 

4.

Bloomberg Finance L.P. Data as of September 14, 2023. Past performance is not indicative of future results. It is not possible to invest directly in an index.

5.

FactSet. Data as of September 14, 2023.

6.

Bloomberg Finance L.P. Data as of September 14, 2023

Connect with a Wealth Advisor

Our Wealth Advisors begin by getting to know you personally. To get started, tell us about your needs and we’ll reach out to you.

Connect now

IMPORTANT INFORMATION

All companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context. Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The S&P U.S. Aggregate Bond Index is designed to measure the performance of publicly issued U.S. dollar-denominated, investment-grade debt. The index is part of the S&P AggregateTM Bond Index family and includes U.S. treasuries, quasi-governments, corporates, taxable municipal bonds, foreign agency, supranational, federal agency, and non-U.S. debentures, covered bonds, and residential mortgage pass-throughs.

The PHLX Semiconductor Sector Index (SOX) is a modified market capitalization-weighted index composed of companies primarily involved in the design, distribution, manufacture, and sale of semiconductors.

This material is for informational purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan representative.

NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Legal Entity and Regulatory Information.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

This document may provide information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (“JPMS”). The agreements entered into with JPMS, and corresponding disclosures provided with respect to the different products and services provided by JPMS (including our Form ADV disclosure brochure, if and when applicable), contain important information about the capacity in which we will be acting. You should read them all carefully. We encourage clients to speak to their JPMS representative regarding the nature of the products and services and to ask any questions they may have about the difference between brokerage and investment advisory services, including the obligation to disclose conflicts of interests and to act in the best interests of our clients.

J.P. Morgan may hold a position for itself or our other clients which may not be consistent with the information, opinions, estimates, investment strategies or views expressed in this document. JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.

Investing

Alternative Investments in 2024: Our suggestions on what to watch

May 08, 2024

Five alternative investment strategies that can potentially help investors capture returns and meet financial goals.

Read more
This view from West 57th Street in Midtown Manhattan looks up at the tall buildings along the street. Some of the buildings seen here are 432 Park Avenue, 590 Madison Avenue and 598 Madison Avenue.

Investing

The case for alternative investments

May 08, 2024

Explore the primary roles alternatives play in a portfolio and why more investors are considering them.

Read more
Aerial view of forest road in summer Finland.

Investing

Four reasons to consider private credit despite the headlines

Apr 23, 2024

Some investors say direct lending has grown too fast or looks too risky. We think the asset class is still appealing.

Read more

Investing

The rise in retail investing: Roles of the economic cycle and income growth

Apr 23, 2024

Read more
Defocused, Backgrounds, Blurred Motion, Abstract

Investing

4 key actions to consider for your portfolio for what’s to come this year

Apr 22, 2024

A falling rate environment may present an opportune moment to consider moving away from cash.

Read more
1357930207

Investing

How to enhance the yield on your excess cash

Mar 21, 2024

Cash is essential to cover immediate expenses and emergencies, but yours may not be reaching its full potential. Learn how to make the most of your cash holdings.

Read more

Investing

Stock-based compensation and the Section 83(b) election

Mar 12, 2024

If you are an executive at a company and receive stock or options subject to vesting, a so-called 83(b) election might reduce your income tax liability over time.

Read more
A shot of an architect's desk in the office.

Investing

Private Markets: 4 steps to help you optimize your allocation to alternatives

Mar 11, 2024

It may be time to build a holistic alternative investments strategy that works to support your long-term goals. Learn more about alternative investment allocation today.

Read more

Check the background of our firm and investment professionals on FINRA's BrokerCheck

To learn more about J. P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products.

This website is for informational purposes only, and not an offer, recommendation or solicitation of any product, strategy service or transaction. Any views, strategies or products discussed on this site may not be appropriate or suitable for all individuals and are subject to risks. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation. 

This website provides information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC ("JPMS"). When JPMS acts as a broker-dealer, a client's relationship with us and our duties to the client will be different in some important ways than a client's relationship with us and our duties to the client when we are acting as an investment advisor. A client should carefully read the agreements and disclosures received (including our Form ADV disclosure brochure, if and when applicable) in connection with our provision of services for important information about the capacity in which we will be acting.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Please read additional Important Information in conjunction with these pages.